McLean, VA-based Gladstone Land Corp. paid close to $5 million to acquire 7,384 acres of farmland across five farms in Baca County, CO. Part of the deal were 125,677 common units of limited partnership interest, bringing the total sale to approximately $6.5 million.

Gladstone also entered into a triple-net lease agreement with the existing operator. The initial lease term runs through 2020, and includes one, five-year extension option. The initial term of the lease provides for annual rent escalations, and an overall, straight-line capitalization rate of 5.9%.

“Our tenant has farmed in Southeast Colorado for decades with an operation that specializes in providing a high-fiber hay blend for the cattle feed-lot industry,” said Bill Hughes, Gladstone Land’s midwest managing director.